Announcement From Daniel Cohen

To my colleagues: Thank you for all of your work and dedication in this transition. I am happy to announce another step forward: Jay McEntee, whom some of you know, and all of you will get to know, will be joining us as Vice-Chairman and Co-Chief Operating Officer, and he will be joined by Joe McCann with the same titles and sharing the responsibility for oversight of the development of our businesses. Colette Dow, unfortunately, will be leaving the business, and I thank her for all of her hard work on getting us to where we are now.

Jay is currently a Managing Director IFMI, and has previously served as its Chief Operating Officer and Head of Asset Management at IFMI. He also serves as a member of the Board of Directors of The Bancorp, Inc., and was previously the Chief Executive Officer of Alesco Financial, Inc., which was merged into IFMI. Prior to joining IFMI, Jay was a principal in Harron Capital, L.P., a venture capital fund, and was a partner in the law firm of Lamb, McErlane.

Joe has been Managing Director and COO of investment banking at PrinceRidge. He has experience in structured credit, private placements and other debt and equity raises and advisory work. Before joining PrinceRidge Joe was a Managing Director, Limited Partner and co-Head of financial institutions at StormHarbour Securities. Prior to that Joe was a Partner and co-Founder of Fusion Advisory Partners, a boutique investment bank focused on fixed income fund advisory. Before Fusion, Joe was CEO and Chairman of a retainer-based financial institutions executive search firm named McCann Partners. Prior to becoming a search consultant, Joe worked for Bankers Trust Company and Marine Midland Bank/HSBC in debt capital markets and credit. Joe received his BA from Lafayette College in 1975 and his MBA from Dartmouth’s Amos Tuck School in 1981. In addition, he served for two years with the United States Peace Corps.

We have many plans for moving our businesses forward organically, focusing our efforts, and increasing our opportunities by working together as a team. We are an entrepreneurial firm and we need to be clever and exploit synergies. Joe and Jay will help us do that.